本文選題：新型城鎮(zhèn)化 + 金融支持體系�。� 參考：《天津財經(jīng)大學》2015年博士論文

【摘要】：受國內(nèi)外經(jīng)濟形勢持續(xù)低迷的影響,中國經(jīng)濟下行壓力不斷加大,新型城鎮(zhèn)化建設日益成為保證投資、穩(wěn)定增長的主要載體。新型城鎮(zhèn)化的投資內(nèi)容既包含傳統(tǒng)的市政基礎設施,也囊括社保民生等領域,融資需求巨大。現(xiàn)有金融支持主要來源于地方政府和銀行貸款,他們?yōu)樵谐擎?zhèn)化提供了巨額資金支持,但也形成了超過十萬億的地方政府性債務。地方政府承擔了大部分城鎮(zhèn)化投融資職責,留存的財政收入?yún)s遠遠不足,只能依賴賣地和舉債來支撐。同時,在以GDP增速為主的政績考核壓力下,各地普遍"大干快上"建設基礎設施,城鎮(zhèn)化投資規(guī)模、速度超出地方財政的承受能力。地方政府大多無力償還巨額城鎮(zhèn)化債務,往往通過借新還舊或債券置換等方式展期。在此背景下,政府和銀行難以為新型城鎮(zhèn)化提供增量融資支持,現(xiàn)有金融支持蘊含較大的流動性風險。因此,無論是站在推動新型城鎮(zhèn)化建設,還是從防控金融風險的角度,研究新型城鎮(zhèn)化的金融支持問題都具有現(xiàn)實緊迫性�；诖�,本文首先反思了現(xiàn)有金融支持的不可持續(xù)性,指出造成這一問題的根源是其缺乏系統(tǒng)性。隨后,本文遵循功能金融理論"目標-環(huán)境-功能-結(jié)構(gòu)"的研究路線,在借鑒國內(nèi)外實踐經(jīng)驗基礎上,構(gòu)建起新型城鎮(zhèn)化的金融支持體系,并進一步從金融支持體系的長度、寬度和深度三個維度出發(fā)展開理論分析。其中,"長度"指金融支持體系在時間上的可持續(xù)性,"寬度"指資金來源的廣泛性,"深度"則是指金融支持體系的基礎和可靠性。本文通過理論研究發(fā)現(xiàn):(1)金融支持體系要保持可持續(xù)性,首先要優(yōu)化相關制度安排。具體而言,政府應減少對經(jīng)濟的直接干預,在加強財政收支監(jiān)管的同時,打破城鄉(xiāng)二元的產(chǎn)權(quán)和戶籍制度安排;(2)政府應根據(jù)資金性質(zhì)的不同,明確各類金融機構(gòu)之間及其與社會資金之間的職能分工,這是拓寬融資渠道的關鍵。政策性金融應側(cè)重于為非經(jīng)營性城鎮(zhèn)化項目提供更多金融支持,商業(yè)金融則側(cè)重于服務實體經(jīng)濟和部分經(jīng)營性城鎮(zhèn)化項目。社會資金應當更多提供股權(quán)融資支持,改善城鎮(zhèn)化融資結(jié)構(gòu);(3)政府強化財政引導作用的關鍵是發(fā)展實體產(chǎn)業(yè)、提高財政收入留存的比例,并提升投融資效率。為驗證理論分析結(jié)論,本文采用層次分析法研究三維金融支持體系與新型城鎮(zhèn)化均衡發(fā)展目標的相關性。論文首先結(jié)合對長、寬、深三個維度的理論分析,從中提煉出各層次指標,構(gòu)建指標體系,并確定相應權(quán)重。而后依次從長、寬、深三維指標體系中選取最核心的行政案件收案率、社會融資比例和財政自給率三個指標作為自變量,利用歷史數(shù)據(jù)檢驗他們與新型城鎮(zhèn)化均衡發(fā)展水平(也即城鄉(xiāng)居民收入差距)的相關性。結(jié)果表明,政府公權(quán)力擴張將阻礙新型城鎮(zhèn)化的均衡發(fā)展,而社會融資比例提高將促進新型城鎮(zhèn)化的均衡發(fā)展,地方財政自給率與新型城鎮(zhèn)化的均衡發(fā)展正相關。實證結(jié)果支持了理論分析部分的結(jié)論,長、寬、深三個維度對新型城鎮(zhèn)化均衡發(fā)展目標均存在顯著影響,且影響程度依次遞減。
[Abstract]:Under the influence of the economic situation at home and abroad, the downward pressure of China's economy is increasing. The new urbanization construction has become the main carrier to ensure the investment and stable growth. The new urbanization includes both the traditional municipal infrastructure and the social security and people's livelihood. The financing needs are huge. The main financial support is the main financial support. From local government and bank loans, they have provided huge financial support for the original urbanization, but also formed more than ten trillion of local government debt. The local government has undertaken most of the urban investment and financing responsibilities, but the remaining financial revenue is far short. It can only be supported by the land and the debt. At the same time, the growth rate of the local government is at the GDP growth rate. Under the pressure of the performance appraisal of the main government, the infrastructure of the construction of "big dry and fast" is generally built, and the scale of urbanization investment is beyond the capacity of the local finance. Most of the local governments are unable to repay the huge amount of urbanization debt, often by means of new old or bond replacement. In this context, the government and the bank are difficult to make a new urbanization. In order to provide incremental financing support, existing financial support contains greater liquidity risk. Therefore, it is urgent to study the financial support problem of new urbanization, whether it is to promote the construction of new urbanization, or from the perspective of financial risk prevention and control. Based on this, this paper first reflects on the unsustainability of existing financial support, which means that the financial support is not sustainable. The root of this problem is its lack of systematicness. Following the research route of the functional financial theory "target environment function structure", this paper builds a new financial support system for urbanization on the basis of practical experience at home and abroad, and further develops from the three dimensions of the length, width and depth of the financial support system. "Length" refers to the sustainability of financial support system in time. "Width" refers to the breadth of funds. "Depth" refers to the basis and reliability of the financial support system. Through theoretical research, this paper finds that (1) the financial support system should maintain sustainability, first of all, to optimize the relevant institutional arrangements. Specifically, the government is concerned. The government should reduce direct economic intervention, strengthen the supervision of fiscal revenue and expenditure, and break the property rights and household registration system of two yuan in urban and rural areas. (2) the government should make clear the division of labor between various financial institutions and their social funds according to the different nature of the funds. This is the key to widening the financing channels. More financial support is provided for non operational urbanization projects, and commercial finance focuses on the service entity economy and some operational urbanization projects. Social funds should provide more equity financing support and improve the financing structure of urbanization. (3) the key to the government's strengthening financial guidance is to develop the real industry and improve the retention of fiscal revenue. In order to verify the conclusion of the theoretical analysis, this paper studies the correlation between the three dimensional financial support system and the balanced development goal of the new urbanization in order to verify the conclusion of the theoretical analysis. Firstly, the thesis combines the theoretical analysis of three dimensions of long, wide and deep, from which each level index is extracted, the index system is constructed and the corresponding weight is determined. Then we choose the most core administrative case collection rate in the long, wide and deep three-dimensional index system, the proportion of social financing and the three indexes of financial self-sufficiency rate as independent variables, and use the historical data to test the correlation between them and the balanced development level of the new urbanization (namely the income difference between urban and rural residents). The result shows that the government power expansion will be expanded. The balanced development of the new urbanization will be hindered, and the increase in the proportion of social financing will promote the balanced development of the new urbanization. The self-sufficiency rate of local finance is positively related to the balanced development of the new urbanization. The empirical results support the conclusion of the theoretical analysis, and the three dimensions of long, wide and deep have significant influence on the balanced development goal of the new urbanization. And the degree of influence decreased in turn.

【學位授予單位】：天津財經(jīng)大學
【學位級別】：博士
【學位授予年份】：2015
【分類號】：F299.21;F832

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